[SUNSHINE09]

The indy company had taxable income of 12000 during 2005. Indy used accelerated depreciation for tax purposes(3400) and straight-line depreciation for accounting purposes (2000). Assuming indy had no other temporary differences, what would th ecompany's pretax accounting income br for 2005.

A. 1400
b. 6600
c. 13400
d. 17400

[SUNSHINE09]

Garrison Designs,Inc. a corporation organized on Jan 1, 1996 reported the following income (losses) for the ten-year period, 1996-2005

Year Income (Loss) Income Tax Rate Income Tax Paid

1996 $16,000 50% $8,000
1997 $(40,000) 50% 0
1998 16,000 48 7680
1999 24,000 48 11,520
2000 (32,000) 45 0
2001 16,000 42 6,720
2002 32,000 42 13,440
2003 64,000 34 21,760
2004 80,000 34 27,200
2005 (16,000) 30 0


Applying the carryback provisions in the tax law, compute the net amount of taxes paid (amounts paid less refunds) for the ten-year period ending Dec 31, 2005.

[Curlyben]

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[SUNSHINE09]

At Dec 31, 05 Munster Corporation had 50,000 shares of common stock issued and outstanding, 30,000 of which jad been issued and outstanding throughout the year and 20,000 of which had been issued on Oct 1, 05. Income before income taxes for the year ended dec.31, 05 was 753,200. In 2005 and 2006 a dividend of 80,000 was paid on 80,000 shares of 10% cumulatine preferred stock, $10 par
On April 1, 2006 there were 30,000 additional shares issued. Total income before income taxes for 2006 was 527,000 which included an extraordinary gain before income taxes of 37,000. Assuming a 30% tax rate, what is Munster's basic earnings per common share for 2005 and for 2006 rounded to the nearest cent? Show computations


Please Help

[SUNSHINE09]

I need help!!

Inman's Wholesale Products Inc. had 75000 shares of common stock outstanding at the end of 2004. During 2005 and 2006 th efollowing transactions took place.

2005
Mar 31-sold 5000 shares at $27
Apr. 26-Paid cash dividend of $0.50 per share
July 31- Paid cash dividend of $0.25 per share and issued a 10% stock dividend
Nov. 1- Sold 7000 shares at $30


2006
Feb.28- Purchased 5000 shares of common stock to be held in treasury
Mar 1- Paid cash dividend of $0.50 per share
Apr 30.- Issued 3-for1 stock split
Nov 1 - Sold 6000 shares of treasury stock.
Dec 20- Declared cash dividend of $0.25 per share.

Inman's Wholesale Product's Inc has a simple capital structure

Compute the weighted-average number of shares for 2005 and 2006 to be used in the EPS computation at the end of 2006